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    1. 05-17-2017 10:41 AM #101
      Quote Originally Posted by Dave_Car_Guy View Post
      A friend of mine actually did this, went through the whole process and regulatory hoops to get his dealer's license so he can keep trading around his exotic cars. But eventually, they actually expect you to make money at it. I think you have a window of about three years before they just determined that it is a hobby, not a business.
      You just have to show a profit after so many years.

      3 years of losses then eat the taxes to show a profit at year 4 (or whatever year you decide) I know a few guys who race who set their operation up like that. There are times you just have to "eat it"

      But yes, eventually you do need to show a profit
      Boiler Up!

      Make it three yards mother****er and we'll have an automobile race

    2. Senior Member Sporin's Avatar
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      05-17-2017 11:33 AM #102
      My toys would all have big knobby tires and 4wd. Restored but still-offroadable FJ40 probably.

      Tesla Model S or some other big luxury sedan of the wife's choosing.

      New Toyota Land Cruiser for family hauling and winter duty.

      Something cheap but safe and fun for the boy.




    3. Member George Bluth's Avatar
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      05-17-2017 11:45 AM #103
      Quote Originally Posted by Dave_Car_Guy View Post
      Well, I thought I was back in the day. Now I know better.
      Wasn't being sarcastic.

    4. Member Nealric's Avatar
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      05-17-2017 11:53 AM #104
      Quote Originally Posted by Juiced6 View Post
      You just have to show a profit after so many years.

      3 years of losses then eat the taxes to show a profit at year 4 (or whatever year you decide) I know a few guys who race who set their operation up like that. There are times you just have to "eat it"

      But yes, eventually you do need to show a profit
      It's a bit more complicated than that. If you are able to easily manipulate income/expenses to show a profit/loss, that's a big strike against treating it as a business.

      Basic summary (from the IRS) for whether an activity is considered a hobby or a bona fide business:

      Question: How do you distinguish between a business and a hobby?
      Answer:
      In making the distinction between a hobby or business activity, take into account all facts and circumstances with respect to the activity. No one factor alone is decisive. You must generally consider these factors to establish that an activity is a business engaged in making a profit:
      Whether you carry on the activity in a businesslike manner.
      Whether the time and effort you put into the activity indicate you intend to make it profitable.
      Whether you depend on income from the activity for your livelihood.
      Whether your losses are due to circumstances beyond your control (or are normal in the startup phase of your type of business).
      Whether you change your methods of operation in an attempt to improve profitability.
      Whether you or your advisors have the knowledge needed to carry on the activity as a successful business.
      Whether you were successful in making a profit in similar activities in the past.
      Whether the activity makes a profit in some years and how much profit it makes.
      Whether you can expect to make a future profit from the appreciation of the assets used in the activity.
      You may find more information on this topic in section 1.183-2 (b) of the Federal Tax Regulations.

      https://www.irs.gov/help-resources/t...ncome-expenses

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      05-17-2017 12:09 PM #105
      Quote Originally Posted by George Bluth View Post
      Wasn't being sarcastic.
      Oh, I know you weren't. You're too kind, so I was just trying to be humble... which is also why I left out the parts about buying a big Cobalt powerboat and an Infiniti QX56 to tow it and matching Mini Coopers for two teenage daughters. Cuz then I go from boss to DB. I'm not always proud of my actions, but WTF, a guy's gotta live life!! And recalling the "Highway to the Danger Zone" days keeps me grounded in how friggin lucky I am.

      Back on Topic:
      Bobby Axelrod does it right...



      Last edited by Dave_Car_Guy; 05-17-2017 at 12:12 PM.

    6. 05-17-2017 12:21 PM #106

      We can debate this all day long. In theory, you are correct but like anything having to do with the law - it is up for interpretation.

      From my personal experience - make a profit and you should be fine.
      Boiler Up!

      Make it three yards mother****er and we'll have an automobile race

    7. Member chucchinchilla's Avatar
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      05-17-2017 12:41 PM #107
      Keep Audi A6
      Keep Porsche 356
      Add 1984 Porsche 911
      Add 1938 BMW 328
      Add 2001 Audi RS4
      Add F150 King Ranch for utility/towing
      Empty slot for random projects (T2, random Italian something, Volvo 122 wagon, etc.)
      Quote Originally Posted by jamie@vwvortex View Post
      This forum is more and more of an embarrassment every day...

    8. Member worth_fixing's Avatar
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      05-17-2017 12:56 PM #108
      I love these "if you were rich, post up the sh!t you'd buy"

      ...I've planned all my purchases. now I just need to...get rich.
      http://badges.fuelly.com/images/sig-metric/286588.png
      The bitterness of poor quality remains long after the sweetness of low price is forgotten." -Benjamin Franklin
      Kind regards,
      James

    9. Member Toaster29's Avatar
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      05-17-2017 01:03 PM #109
      Quote Originally Posted by Oliver@triplezoom View Post
      As many 911s as I can afford.

      '07 997.1 TT 6MT: Arctic Silver / Sea Blue. Full bolt-on OEM turbos, Robtuned (now 656 whp, 700 wtq), BBS CH-R in widebody fitment, 5.9 60-130 E85
      '14 991 GT3 Sapphire Blue / Black: Sharkwerks delete and 100mm tips: 11.30 @ 124
      '17 Tanzanite Blue M3 ZCP (Competition pack)
      Past: Evo 8, R35 GT-R, F80 M3, C6 Z06, a bunch of 335s, etc

    10. Member JOHNS92JETTA's Avatar
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      05-17-2017 01:20 PM #110
      Quote Originally Posted by HackAC View Post
      Cause black F40 is.....



      Once again.
      I see you like Black F40's.



      InstaGram J92Jcarpic 100% Stance Free

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      05-17-2017 02:04 PM #111
      I'd really just pick up anything that I thought was interesting, drive it for as long as I continued to find it interesting, sell it, and move on to something else. That and set up a kick ass fab/mech shop where I could design, create, and install bits.

      I'd take everything I could to the track for fun.

      And then I'd build some race cars and actually go racing (road, rally).



































      ^With a crate LS swap.

      Last edited by odj; 05-17-2017 at 02:15 PM.

    12. Member andlf's Avatar
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      05-17-2017 02:55 PM #112
      ...part of the drive way would look like this!


      Muh cahs: allpic My 3 C's- Challenger, Camaro & Corrado -*Dusk Edition SS-*Group-*Challenger RT
      Quote Originally Posted by vwlarry View Post
      Mine was white, and I sprayed on the BRG with a rattle can. "Instant Lotus Cortina!"
      http://forums.vwvortex.com/showthrea...ighlight=lotus

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      05-17-2017 03:16 PM #113
      I'd probably have an area of my property looking like a salvage yard, along with an oversized detached garage/workspace. I'd regularly browse Craigslist for all kinds of fun projects, pick up a few classic Japanese vehicles, just anything fun.

      But that doesn't mean I don't have some essentials for the actual driveway/garage...



















      This took a lot more thinking than I initially anticipated haha.


      Sent from my iPhone using Tapatalk

    14. Senior Member
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      05-17-2017 03:56 PM #114
      I wouldn't own any modern exotics save for perhaps a 997 GT3 or 981 Cayman GT4. (GT4 is one car I'd definitely have in my fleet, though.)

      Beyond that, I'd start gathering up the cars that tickle my fancy for whatever reason. Most aren't terribly expensive in decent shape ($20-80k, probably). Just cars that I think are interesting to look at, have interesting engineering, would be cool to drive, etc.

    15. Senior Member Son's Avatar
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      05-17-2017 04:55 PM #115
      The daily


      The coupe


      The convertible


      The Classic Porsche


      I probably wouldn't even get a track car in the beginning, but would track the Boxster and once I was improved, get something faster and more track-focused.
      Last edited by Son; 05-17-2017 at 05:05 PM.

    16. Geriatric Member PSU's Avatar
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      05-17-2017 06:57 PM #116
      Only "flashy" car I'd shoot for is a Ferrari 458 Italia.

    17. Member MatchStick's Avatar
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      05-17-2017 10:03 PM #117
      Quote Originally Posted by Dave_Car_Guy View Post
      Back on Topic:
      Bobby Axelrod does it right...
      Again, with my rich vs. super rich post. Axelrod? If I had that kind of money there's a 100 page book about all the cars I'd own - a TCL thread won't cut it. Heck I'd pay Monticello so I could build a two story garage to keep all of my toys.

    18. Member
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      05-17-2017 11:12 PM #118
      Quote Originally Posted by MatchStick View Post
      Again, with my rich vs. super rich post. Axelrod? If I had that kind of money there's a 100 page book about all the cars I'd own - a TCL thread won't cut it. Heck I'd pay Monticello so I could build a two story garage to keep all of my toys.
      Yeah, but many posts here were off that OP topic. I feel like in order to stay on topic, total spending should be something less than $1MM, otherwise you're talking a different league (one where these rare race cars and Ferrari's can be had).

      But, in my defense, Bobby Axelrod's trio of cars in there (Charger, Aston, and Range Rover) can be had for "regular rich" money, not super rich, regardless of the fact that he is a fictional billionaire.

    19. n00b
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      05-18-2017 12:19 AM #119
      Give me a good stickshift and an open mountain road and I'm happy. But if I had extra cash lying around, I'd probably get my wife a Camaro SS (8AT because I love my wife), get my dad an M5 so he can finally get rid of his E39 that's falling apart. Then I'd buy back my old Mk4 Golf. Then I'd restore my old E24 that hasn't run in years. Then, for the times when I really wanna get away from it all:




      I'm gonna need a hangar.

      ...and a 911. Manual.

    20. Member MatchStick's Avatar
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      05-18-2017 05:32 AM #120
      Quote Originally Posted by Dave_Car_Guy View Post
      Yeah, but many posts here were off that OP topic. I feel like in order to stay on topic, total spending should be something less than $1MM, otherwise you're talking a different league (one where these rare race cars and Ferrari's can be had).

      But, in my defense, Bobby Axelrod's trio of cars in there (Charger, Aston, and Range Rover) can be had for "regular rich" money, not super rich, regardless of the fact that he is a fictional billionaire.
      Fair enough.

      I amend my original post, in addition to the Tiger I'd snag a 250 GT SWB, what I believe to be the most beautiful car of all time from a blend of aesthetics and mechanical goodness, and throw in the Siffert/Redman 908-3 they won the Targa Florio in.

    21. Member liquid_popcorn's Avatar
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      05-18-2017 09:24 AM #121
      Quote Originally Posted by Oliver@triplezoom View Post
      As many 911s as I can afford.
      This guy gets it.
      I'd probably keep a few of my mk1s as well; and I'd still take delivery of the RS3 I ordered.


      Sent from my iPhone using Tapatalk
      1980 Rabbit L 1.5d // 1984 GTI 16v supercharged // 1980 Caddy 1.8t swap // Audi A6 TDI (wife's car) // 2015 GTI Autobahn DSG (sold) // 2013 GTI Wolfsburg 6MT (totaled) // 2015 GTI SE IS38 (parted out) // 1981 Caddy 1.6 diesel (parted out) // 1984 Rabbit ABA swap (sold)

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      05-18-2017 10:18 AM #122
      Quote Originally Posted by MatchStick View Post
      Fair enough.

      I amend my original post, in addition to the Tiger I'd snag a 250 GT SWB, what I believe to be the most beautiful car of all time from a blend of aesthetics and mechanical goodness, and throw in the Siffert/Redman 908-3 they won the Targa Florio in.
      As they say on the interwebs, "well, that escalated quickly!". You jumped from Bobby Axlerod spending $450,000 on three cars to your 1-2 punch worth over $10 million. That'll teach these topic-busters!! But I do like your taste!

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      05-18-2017 10:29 AM #123
      Quote Originally Posted by worth_fixing View Post
      I love these "if you were rich, post up the sh!t you'd buy"

      ...I've planned all my purchases. now I just need to...get rich.
      Haha, the truth is that if I somehow got rich, I'd probably be afraid to spend any money since I'd be so afraid to lose it. I'd probably be driving a Nissan Leaf with a Honda Odyssey as my luxury road trip vehicle, MMM style.

      But if for some reason that wasn't the case, I'd probably just blow it on trying to do some sort of racing. I've been reading about Rally racing a lot lately, it looks like a hellofa lot of fun. Subaru with $10,000 coilovers, a sequential gearbox, and anti-lag? Hell yea.

    24. Member adrew's Avatar
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      05-18-2017 10:31 AM #124
      General Purpose


      Wife's/Trip Car


      Fun


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      A fleet of weird old mint/restored/imported '70s/'80s Japanese stuff

      Improving the signal-to-noise ratio

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      05-18-2017 10:34 AM #125
      Cirrus jet
      A car appropriate for the terrain and climate stored at my top 5 most frequent destination airports.

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